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Crude Oil Markets & Trading Levels & Economic Reports for October 27th 2017

Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!! 

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Dear Traders,

Oil Markets in Supply-Demand Tug of War

U.S. West Texas Intermediate (WTI) crude oil has been stuck in a wide yet fairly well-defined trading range of $42 – $55 per barrel since September 2016.  In the near-term, that range might shift modestly upward to $48 – $62, and drift lower over the long term by $10 to $15 per barrel.

High inventories and increased U.S. oil production have tended to push the price to the lower end of the range, while production cuts by the Organization of Petroleum Exporting Countries (OPEC), potential short-term supply disruptions, and incrementally stronger global economic growth have all worked to push the price into the upper portion of the range, and possibly expand the range toward $60 per barrel.   Also, note that despite the lower volatility associated with range-bound trading, open interest in NYMEX WTI crude oil futures has soared to record highs as uncertainty in the oil market remains elevated even if volatility is low on a historical basis.

Long-Term Technology Themes Point to Lower Oil Prices 

Read Full Article….

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels

10-27-2017

Contract December 2017  SP500 Nasdaq100 Dow Jones Mini Russell BitCoin Index
Resistance 3 2572.00 6111.83 23511 1511.07 6385.87
Resistance 2 2568.50 6093.92 23457 1507.23 6185.39
Resistance 1 2562.50 6070.83 23396 1502.37 6046.32
Pivot 2559.00 6052.92 23342 1498.53 5845.84
Support 1 2553.00 6029.83 23281 1493.67 5706.77
Support 2 2549.50 6011.92 23227 1489.83 5506.29
Support 3 2543.50 5988.83 23166 1484.97 5367.22
Contract December Gold Dec. Silver Dec. Crude Oil Dec.  Bonds Dec.  Euro
Resistance 3 1296.7 17.26 53.75 152 15/32 1.2005
Resistance 2 1290.2 17.15 53.24 152  2/32 1.1937
Resistance 1 1279.3 16.97 52.94 151 12/32 1.1807
Pivot 1272.8 16.86 52.43 150 31/32 1.1739
Support 1 1261.9 16.68 52.13 150  9/32 1.1610
Support 2 1255.4 16.57 51.62 149 28/32 1.1542
Support 3 1244.5 16.39 51.32 149  6/32 1.1412
Contract Dec.  Corn Dec. Wheat November Beans Dec. SoyMeal Nov. Nat Gas
Resistance 3 354.3 441.9 985.08 319.00 3.16
Resistance 2 353.2 439.6 981.92 317.50 3.13
Resistance 1 351.8 435.7 976.58 314.80 3.09
Pivot 350.7 433.3 973.42 313.30 3.06
Support 1 349.3 429.4 968.1 310.6 3.0
Support 2 348.2 427.1 964.92 309.10 3.00
Support 3 346.8 423.2 959.58 306.40 2.96

Economic Reports, source: 

http://app.bettertrader.co

Economic Reports - Friday, Oct 27th

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tags: > > > Posted in: Future Trading News  

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